Italy folds to EU’s pressure but the war of words seems to not be over

After two days of heavy sell-off on the euro and Italian bonds as a sign of market dissent with the fiscal course the Italian government, the latter finally came to their senses. As expected, the Italian populists made concessions and announced that they are ready to reduce the budget deficit to 2% in the near future. By 2019, it should be reduced to 2.2% and by 2020 to 2.0%. Of course, this hardly comes in line with EU expectations, although it seems to be a solid argument for euro sceptics to pause pressure on the euro.

EURUSD approaching support, potential bounce!

EURUSD is approaching our first support at 1.1518(horizontal swing low support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 1.1661 (horizontal overlap resistance, 50% Fibonacci retracement). Stochastic (55,5,3) is also approaching support where we might see a corresponding bounce in […]

EURCHF approaching resistance, potential drop!

EURCHF is approaching our first resistance at 1.1460 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.1369 (horizontal swing low support, 61.8% Fibonacci retracement). Stochastic (89,5,3) is also approaching resistance and we might see a corresponding […]

Summary

Today we are seeing a nice setup on USJDPY and USDCHF as it is approaching support where we might expect a bounce above this level. Here are some of our nice calls previously: NZDUSD reversed perfectly from our first resistance and is approachning our major support target: https://www.tradingview.com/chart/NZDCHF/eLRioXmC-NZDUSD-approaching-resistance-potential-drop/

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